iPhone-Nano? Say what?

Apparently, a new iPhone is in the works titled iPhone-Nano (Similar to iPod-Nano). According to JP Morgan analyst Kevin Chang, Apple has filed a patient on July 5th that a smaller and cheapter iPhone is currently being made. Unlike the current iPhone model (but very similar to iPods), the probable iPhone-Nano will feature a click wheel. It will also apparently cost less than $300, which is good to hear.